Key Highlights
Excellent results from resource conversion and expansion drilling2
1.44 gpt over 104.6m, 1.07 gpt over 54.5m
2.03 gpt over 25.8m, 2.18 gpt over 20.5m, 1.20 gpt over 37.8m
3.42 gpt over 19.9m, 1.47 gpt over 57.6m
1.85 gpt over 34.6m, 1.35 gpt over 15.5m
48.82 gpt over 5.0m; 3.40 gpt over 39.8m;1.51 gpt over 38.3m;1.78 gpt
over 39.4m; 1.51 gpt over 34.2m; 1.40 gpt over 44.9m; 0.96 gpt over
86.6m; 1.32 gpt over 40.9m; 1.30 gpt over 27.3m
Multiple high-grade intersections at Owl Creek4 in close proximity to Hoyle Pond
Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net income of $126.8 million, or $1.92 per share, for the quarter ended September 30, 2025 ("third quarter"), on revenue of $252.1 million and operating cash flow of $174.0 million. Adjusted net income1 was a record $136.2 million, or $2.06 per share.
Third Quarter 2025 Highlights:
Post Quarter Events:
“Royal Gold reported another very solid quarter and we achieved record revenue and cash flow,” commented Bill Heissenbuttel, President and CEO of Royal Gold. "Our portfolio performed very well and allowed us to take full advantage of the materially higher gold and silver prices in the quarter, and the record gold price directly benefited our results."
“In addition to the strong financial performance, over the last few months we have significantly enhanced the scale, duration and diversification of our portfolio," continued Mr. Heissenbuttel. "Our underlying business continues to produce excellent results, we have seen meaningful value additions from the Mount Milligan mine life extension and Fourmile exploration success, we have acquired the large and long life Kansanshi stream, and have added further scale, diversification and growth with the Sandstorm and Horizon portfolios. We will work hard over the coming months to ensure that the market understands and appreciates the cash flow, growth potential and gold leverage of our expanded business."
Tether ante portas?
Subsequent to September 30, 2025
Management Commentary
Jason Attew, President & CEO of OR Royalties commented: “The strength of our third quarter cash flows has enabled us to pay off the remaining balance of our revolving credit facility. We are debt free for the first time in 10+ years. With an aggregate liquidity profile of approximately one billion dollars, we remain hard at work in our disciplined pursuit of additional accretive growth opportunities.
Looking across our portfolio, we’re excited to have had the Dalgaranga Integration Study released by Ramelius Resources, which now calls for first gold production in early calendar 2026, and also for Dalgaranga to play an integral role in Ramelius’ path towards becoming a 500,000 ounces gold producer over the next five years. Also in Australia, we couldn’t be more pleased to now officially count Harmony Gold as our newest operating partner at the CSA mine, with Harmony’s acquisition of MAC Copper having now closed. Needless to say, we are very excited to see how Harmony plans to further optimize the mine going forward. In terms of what we’re expecting as key portfolio catalysts due before year-end, we’ll be watching for Orla Mining’s Updated Feasibility Study for South Railroad as well as updates from both Osisko Development and Solidus Resources as it relates to plans for near-term mine construction activities at Cariboo and Spring Valley, respectively. Shortly after that, and now pushed into early next year, we’re expecting Alamos Gold’s Island Gold District Expansion Study.”
HIGHLIGHTS
Third Quarter Operating and Financial Results
Corporate Updates
Sprott Announces Third Quarter 2025 Results | Sprott
Management commentary
"Sprott’s Assets Under Management (“AUM”) were $49.1 billion as at September 30, 2025, up 23% from $40 billion as at June 30, 2025 and up 56% from $31.5 billion as at December 31, 2024," said Whitney George, Chief Executive Officer of Sprott. "During the quarter and on a year-to-date basis our AUM has benefited from market value appreciation across our product suite, driven by rising precious metals prices and strong performance in our managed equities segment. We also reported $1.1 billion in net sales during the quarter and $2.7 billion on a year-to-date basis, concentrated largely in our physical trusts. September was the best sales month in company history, with $879 million of inflows spread across 20 different investment strategies. Subsequent to quarter- end, as of October 31, 2025, net sales for the first ten months of the year were $3.5 billion."
"Earlier this year, we expanded our ETF offerings with the launch of three new ETFs that capitalize on the expertise of our investment team, including two active ETFs. We are very pleased with the reception these new strategies have received as they delivered strong performance while reaching key AUM thresholds more quickly than any of our prior ETF launches," continued Mr. George. "Since 2022, our ETF AUM has grown from less than $400 million to more than $4.5 billion."
"Given the strength of our financial results and our confidence in Sprott’s future, with our core positioning in precious metals and critical materials investments, our Board has declared a third quarter dividend of $0.40 per share, an increase of 33%," concluded Mr. George. “We also strengthened our executive team with the appointments of Ryan McIntyre as President and Kevin Hibbert and Arthur Einav as Co-Chief Operating Officers of Sprott.”
“2025 has been an exceptional year for Triple Flag to date, during which we executed on several accretive acquisitions, the portfolio performed strongly, and we generated record operating cash flow per share in the third quarter and year to date. I am very pleased that we now expect to achieve sales between the midpoint and high end of GEOs guidance for 2025,” commented Sheldon Vanderkooy, CEO. “Capital deployment in the third quarter was significant, starting with the acquisition of a 1.0% NSR royalty on the world-class Arthur gold project located in Nevada and operated by AngloGold Ashanti. We also acquired a royalty package on Pan American Silver’s producing Minera Florida gold mine in Chile for $23 million, which has an impressive track record of consistent performance and reserve replacement.”
“We have now deployed over $350 million of capital this year, including a royalty on the Tres Quebradas lithium mine in Argentina, precious metals streams on the Arcata and Azuca projects in Peru, as well as an additional copper royalty over the Johnson Camp Mine in Arizona. Both Tres Quebradas and Johnson Camp Mine have recently started production, and we expect Arcata to start in the fourth quarter of 2025. The significant optionality embedded in our large and diversified portfolio has also benefited from the record gold price environment, as assets such as Centerra’s Goldfield project are seeing a renewed focus. Triple Flag has a strong balance sheet in a current net-cash position with an acquisition pipeline that remains strong and active.”
Q3 2025 Financial Highlights
|
Q3 2025 |
Q3 2024 |
|
|
|
|
|
|
Revenue |
$93.5 million |
$73.7 million |
|
Gold Equivalent Ounces (“GEOs”)1 |
27,037 |
29,773 |
|
Net (Loss) Earnings/per share |
$61.9 million/$0.30 |
$29.6 million/$0.15 |
|
Adjusted Net Earnings2/per share |
$49.3 million/$0.24 |
$28.3 million /$0.14 |
|
Operating Cash Flow |
$81.4 million |
$61.8 million |
|
Operating Cash Flow per Share |
$0.39 |
$0.31 |
|
Adjusted EBITDA3 |
$78.5 million |
$61.7 million |
|
Asset Margin4 |
93% |
92% |
GEOs Sold by Commodity and Revenue by Commodity
|
Three Months Ended September 30 |
||
|
2025 |
2024 |
|
|
GEOs1 |
||
|
Gold |
19,664 |
19,845 |
|
Silver |
7,373 |
9,928 |
|
Total |
27,037 |
29,773 |
|
|
|
|
|
Revenue ($ thousands) |
|
|
|
Gold |
67,972 |
49,104 |
|
Silver |
25,484 |
24,565 |
|
Total |
93,456 |
73,669 |
Corporate Updates
TORONTO--(BUSINESS WIRE)--Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) is pleased to announce that its Board of Directors has approved the declaration of a cash dividend of US$0.0575 per common share to be paid on December 15, 2025, to the shareholders of record at the close of business on December 1, 2025.
https://www.businesswire.com/news/home/20251104267433/en/Triple-Flag-Declares-Q4-2025-Dividend
TORONTO, Nov. 3, 2025 /PRNewswire/ - Franco-Nevada's (FNV) record quarterly results benefited from a combination of higher gold prices, strong operations, new acquisitions and the sale of Cobre Panama copper concentrate stockpiles. Our acquisition of six meaningful new gold interests over the last 18 months has positioned us for strong growth over the long-term and boosted our gold price exposure, with 85% of our revenue being from precious metals in the quarter. Following these results, we have narrowed our 2025 Total GEO sales guidance range, toward the higher end of our original guidance. After drawing on our corporate revolver to fund the Arthur Gold royalty acquisition in July, the Company is once again debt-free. We are encouraged by the recent constructive comments by the President of Panama toward resolution of the Cobre Panama mine closure. "Looking forward, our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment," stated Paul Brink, CEO.
Financial Highlights – Q3 2025 compared to Q3 2024
$487.7 million in revenue (a new record), +77%
138,772 GEOs1 sold (including 11,208 GEOs from Cobre Panama), +26%
125,115 Net GEOs1 sold, +29%
$348.0 million in operating cash flow, +63%
$427.3 million in Adjusted EBITDA2 or $2.22/share (new records), +81%
$287.5 million in net income or $1.49/share (new records), +89%
$275.0 million in Adjusted Net Income2 or $1.43/share (new records), +79%
$84.4 million in proceeds and $67.4 million in realized gains from sale of equity investments
